[Raybyrnes]

dingo
You didn’t pay PMI but you did pay a 1.5 origination fee on the loan that went to pay mortgage insurantce. You may have missed that but it is built into the cost of the loan. It was through the Calhafa program and Acorn simply put you in contact wiht one of the lenders affiliated wiht the program . If you doubt what I am saying you can visit http://www.calhfa.ca.gov and look under the unterest rates for the 40 year 10 year IO program.

40-Year Fixed Mortgage

This conventional first mortgage loan program is designed to enhance affordability and homeownership opportunities by offering a below market, fixed interest rate . This program is intended for first-time homebuyers who meet specified low and moderate income limits and who are purchasing a new or existing home anywhere in California.

How The Program Works

This program offers up to 100% financing of the home sales price within CalHFA’s defined sales price limits. This first mortgage loan may also be combined with CalHFA junior loan programs (except CHAP), for down payment and closing cost assistance, to make owning your first home more affordable.

[Raybyrnes]

dingo
You didn’t pay PMI but you did pay a 1.5 origination fee on the loan that went to pay mortgage insurantce. You may have missed that but it is built into the cost of the loan. It was through the Calhafa program and Acorn simply put you in contact wiht one of the lenders affiliated wiht the program . If you doubt what I am saying you can visit http://www.calhfa.ca.gov and look under the unterest rates for the 40 year 10 year IO program.

40-Year Fixed Mortgage

This conventional first mortgage loan program is designed to enhance affordability and homeownership opportunities by offering a below market, fixed interest rate . This program is intended for first-time homebuyers who meet specified low and moderate income limits and who are purchasing a new or existing home anywhere in California.

How The Program Works

This program offers up to 100% financing of the home sales price within CalHFA’s defined sales price limits. This first mortgage loan may also be combined with CalHFA junior loan programs (except CHAP), for down payment and closing cost assistance, to make owning your first home more affordable.

[Raybyrnes]

djrobsd

As a follow up “My suggestion, which actually comes from sdrealtor, is to sit down and make a spreadsheet, and figure out ALL your options and the costs associated with those options. You can bang your head against all the wall all you want, but once you put it all down on paper, it makes it much easier to see what the best thing to do.

If you are going to create a spreadsheet determine what path you re going to take before you put the spread sheet together. By this I mean if out come x exceeds outcome y then I sell. If on the other hand the data is the opposite then I will hold tight.

Too often you can put a spreadsheet together and it is an excercise of futility of you don’t use the data to give you the best possible outcome. If the oucome doesn’t conform to the way you feel it is easy to ratiionale away the outcome or to modify the data set to support your initial feelings.

[Raybyrnes]

djrobsd

As a follow up “My suggestion, which actually comes from sdrealtor, is to sit down and make a spreadsheet, and figure out ALL your options and the costs associated with those options. You can bang your head against all the wall all you want, but once you put it all down on paper, it makes it much easier to see what the best thing to do.

If you are going to create a spreadsheet determine what path you re going to take before you put the spread sheet together. By this I mean if out come x exceeds outcome y then I sell. If on the other hand the data is the opposite then I will hold tight.

Too often you can put a spreadsheet together and it is an excercise of futility of you don’t use the data to give you the best possible outcome. If the oucome doesn’t conform to the way you feel it is easy to ratiionale away the outcome or to modify the data set to support your initial feelings.

[Raybyrnes]

djrobsd

As a follow up “My suggestion, which actually comes from sdrealtor, is to sit down and make a spreadsheet, and figure out ALL your options and the costs associated with those options. You can bang your head against all the wall all you want, but once you put it all down on paper, it makes it much easier to see what the best thing to do.

If you are going to create a spreadsheet determine what path you re going to take before you put the spread sheet together. By this I mean if out come x exceeds outcome y then I sell. If on the other hand the data is the opposite then I will hold tight.

Too often you can put a spreadsheet together and it is an excercise of futility of you don’t use the data to give you the best possible outcome. If the oucome doesn’t conform to the way you feel it is easy to ratiionale away the outcome or to modify the data set to support your initial feelings.

[Raybyrnes]

CMRJoe
If you want to find the right buyer I would contact a few of the people at the san diego Housing Commission. They ahve a lot of first time homebuyers who sometime make too much money to qualify for Moderate income Housing. Your unit with the CHFA loan would present a good alternative. They could be a gret source of referrals. I would geta few names and write them a letter. That, or stop by and let them know what you are looking to do. Again, this is win win. They are not realators they are city employees looking to help families. Your CHFA loan is designed to help families. Work together and all could make out. If this advice works out make a donation to a charitable organization. It will bring good karma.

[Raybyrnes]

CMRJoe
If you want to find the right buyer I would contact a few of the people at the san diego Housing Commission. They ahve a lot of first time homebuyers who sometime make too much money to qualify for Moderate income Housing. Your unit with the CHFA loan would present a good alternative. They could be a gret source of referrals. I would geta few names and write them a letter. That, or stop by and let them know what you are looking to do. Again, this is win win. They are not realators they are city employees looking to help families. Your CHFA loan is designed to help families. Work together and all could make out. If this advice works out make a donation to a charitable organization. It will bring good karma.

[Raybyrnes]

CMRJoe
If you want to find the right buyer I would contact a few of the people at the san diego Housing Commission. They ahve a lot of first time homebuyers who sometime make too much money to qualify for Moderate income Housing. Your unit with the CHFA loan would present a good alternative. They could be a gret source of referrals. I would geta few names and write them a letter. That, or stop by and let them know what you are looking to do. Again, this is win win. They are not realators they are city employees looking to help families. Your CHFA loan is designed to help families. Work together and all could make out. If this advice works out make a donation to a charitable organization. It will bring good karma.

[Raybyrnes]

But couldn’t you argue that same for any business that you invest in. For instance Sears owns a ton of real estate. If I own a Mutual fund and it has performed well because in part Sears is doing well, then the value of my wealth is indirectly tied to real estate aswell. There are many companies who are set up to leverage their value in the form of real estate investment trusts etc.

[Raybyrnes]

But couldn’t you argue that same for any business that you invest in. For instance Sears owns a ton of real estate. If I own a Mutual fund and it has performed well because in part Sears is doing well, then the value of my wealth is indirectly tied to real estate aswell. There are many companies who are set up to leverage their value in the form of real estate investment trusts etc.

[Raybyrnes]

But couldn’t you argue that same for any business that you invest in. For instance Sears owns a ton of real estate. If I own a Mutual fund and it has performed well because in part Sears is doing well, then the value of my wealth is indirectly tied to real estate aswell. There are many companies who are set up to leverage their value in the form of real estate investment trusts etc.

[Raybyrnes]

CMRJoe

I would look and see if the CHFA loan is an assumable mortgate. If you look to sell it could provide a value add and get you more money for your home. Run the numbers and see what it is worth to save 1.5% on a mortgage. If someone is willing to pay 235k but have to take out a 6.5% mortgage they ahve $1485 monthly payment. With your 4.5% rate you could charge up to 293K and the person would have the same payment. This give you a nice bargaining chip if you find the right buyer. Good Luck

[Raybyrnes]

CMRJoe

I would look and see if the CHFA loan is an assumable mortgate. If you look to sell it could provide a value add and get you more money for your home. Run the numbers and see what it is worth to save 1.5% on a mortgage. If someone is willing to pay 235k but have to take out a 6.5% mortgage they ahve $1485 monthly payment. With your 4.5% rate you could charge up to 293K and the person would have the same payment. This give you a nice bargaining chip if you find the right buyer. Good Luck

[Raybyrnes]

CMRJoe

I would look and see if the CHFA loan is an assumable mortgate. If you look to sell it could provide a value add and get you more money for your home. Run the numbers and see what it is worth to save 1.5% on a mortgage. If someone is willing to pay 235k but have to take out a 6.5% mortgage they ahve $1485 monthly payment. With your 4.5% rate you could charge up to 293K and the person would have the same payment. This give you a nice bargaining chip if you find the right buyer. Good Luck

[Raybyrnes]

What about working on a rent to own program. Give soemone the purchase to buy at the end of a period of time. Structure the contract so that it is win win. You ahve income coming in , they are responsible for upkeep. Might be a decent fit for you.

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